KEY EVENTS TO WATCH FOR:

Friday, March 26, 2021 

8:30 AM ET. February Personal Income & Outlays

                       Personal Income, M/M% (previous +10%)

                       Consumer Spending, M/M% (previous +2.4%)

                       PCE Price Idx, M/M% (previous +0.3%)

                       PCE Price Idx, Y/Y% (previous +1.5%)

                       PCE Core Price Idx, M/M% (previous +0.3%)

                       PCE Core Price Idx, Y/Y% (previous +1.5%)

8:30 AM ET. February Advance Economic Indicators Report

10:00 AM ET. 4^th Quarter GDP by State

10:00 AM ET. February State Employment and Unemployment

10:00 AM ET. March-January University of Michigan Survey of Consumers – final

                       End-Mo Sentiment Idx (previous 76.8)

                       End-Mo Expectations Idx (previous 70.7)

                       12-Month Inflation Forecast (previous 3.3%)

                       5-Year Inflation Forecast (previous 2.7%)

                       End-Mo Current Idx (previous 86.2)

The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes

The Dow closed sharply higher on Friday as it extended Thursday's rally. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 32,253.20 would signal that a short-term top has been posted. If the Dow renews the rally off January's low into uncharted territory, upside targets hard to project. First resistance is last-Thursday's high crossing at 33,227.78. Second resistance is unknown. First support is the 20-day moving average crossing at 32,253.20. Second support is the 50-day moving average crossing at 31,566.95. 

The June NASDAQ 100 closed higher on Friday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at 12,681.75 would open the door for a possible test of March's low crossing at 12,200.00. Closes above the 50-day moving average crossing at 13,157.93 are needed to confirm that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 13,287.25. Second resistance is the February 25^th high crossing at 13,337.50.First support is Thursday's low crossing at 12,609.75. Second support is March's low crossing at 12,200.00. 

The June S&P 500 closed sharply higher on Friday as it extended the rally off Thursday's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 3858.87 would signal that a short-term top has been posted. If June renews the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is last-Tuesday's high crossing at 3978.50. Second resistance is unknown. First support is the 50-day moving average crossing at 3858.87. Second support is March's low crossing at 3710.50.  

INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""

June T-bonds closed down 31/32's at 155-23. 

June T-bonds closed lower on Friday as it consolidates some of the rally off last-Thursday's low. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term.  If June renews the decline off November's high, the June-2019 low on the monthly continuation chart crossing at 152-27 is the next downside target. Closes above the 20-day moving average crossing at 156-22 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 156-22. Second resistance is the February 26^th high crossing at 161-02. First support is last-Thursday's low crossing at 153-07. Second support is the June-2019 low on the monthly continuation chart crossing at 152-27.

June T-notes closed down 150-pts. At 130.215.

June T-notes closed lower on Friday as it consolidates some of the rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off the January 27^th high, the February-2020 low on the weekly continuation chart crossing at 130.070 is the next downside target. Closes above the 20-day moving average crossing at 132.057 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 132.057. Second resistance is the March 2^nd high crossing at 133.230. First support is last-Thursday's low crossing at 131.000. Second support is the February-2020 low on the weekly continuation chart crossing at 130.070. 

ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""

May crude oil closed higher on Friday as it extends the trading range of the past five-days. The high-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $62.60 are needed to confirm that a short-term low has been posted. If May extends the decline off March's high, the 38% retracement level of the November-February-rally crossing at $55.69 is the next downside target. First resistance is the 20-day moving average crossing at $62.60. Second resistance is March's high crossing at $67.98. First support is Tuesday's low crossing at $57.25. Second support is the 38% retracement level of the November-February-rallycrossing at $55.69.  

May heating oil closed higher on Friday as it extended this week's trading range. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March's high, the 38% retracement level of the November-February-rally crossing at $164.17 is the next downside target. Closes above the 20-day moving average crossing at $186.45 would signal that a short-term low has been posted. First resistance is March's high crossing at $198.68. Second resistance is the the 75% retracement level of  the 2018-2020-decline crossing at $199.48. First support is Tuesday's low crossing at $174.26. Second support is the 38% retracement level of the November-February-rally crossing at $164.17.  

May unleaded gas closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $200.73 would signal that a short-term low has been posted. If May extends the decline off March's high, the 50-day moving average crossing at $186.56 is the next downside target. First resistance is the 20-day moving average crossing at $200.73. Second resistance is March's high crossing at $215.48. First support is the 50-day moving average crossing at $186.56. Second support is the 38% retracement level of the November-March-rally crossing at $177.06.    

May Henry natural gas closed slightly higher on Friday following Thursday's key reversal up. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2.663 would signal that a short-term low has been posted. If April resumes the decline off February's high, the 87% retracement level of the December-February-rally crossing at 2.406 is the next upside target.First resistance is today's high crossing at 2.640. Second resistance is the 20-day moving average crossing at 2.663. First support is last-Thursday's low crossing at 2.422. Second support is the 87% retracement level of the December-February rally crossing at 2.406. 

CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""

The June Dollar posted an inside day with a lower close on Friday as it consolidates some of the rally off January's low. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off February's low, the 50% retracement level of the September-January-decline crossing at 93.43 is the next downside target. Closes below the 20-day moving average crossing 91.84 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 92.94. Second resistance is the 50% retracement level of the September-January-decline crossing at 93.43. First support is the 20-day moving average crossing at 91.84. Second support is last-Thursday's low crossing 91.29.    

The June Euro closed higher due to short covering on Friday as it rebounded off the 38% retracement level of the 2020-2021-rally crossing at 117.85. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extend the decline off January's high, the 50% retracement level of the 2020-2021 rally crossing at 115.98 is the next downside target. Closes above the 20-day moving average crossing at 119.49 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 119.49. Second resistance is the 50-day moving average crossing at 120.64. First support is the 38% retracement level of the 2020-2021-rally crossing at 117.85. Second support is the 50% retracement level of the 2020-2021 rally crossing at 115.98.  

The June British Pound closed higher on Friday as it extended the rebounded off the 38% retracement level of the September-February-rally crossing at 1.3672. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, February's low crossing at 1.3586 is the next downside target. Closes above the 20-day moving average crossing at 1.3881 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 1.4009. Second resistance is February's high crossing at 1.4245. First support is the 38% retracement level of the September-February-rally crossing at 1.3672. Second support is the 50% retracement level of the September-February-rally crossing at 1.3494.

The June Swiss Franc closed slightly higher due to short covering on Friday as it consolidated some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold, diverging and remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, the 75% retracement level of the March-January-rally crossing at 1.0586 is the next downside target. Closes above the 20-day moving average crossing at 1.0803 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0803. Second resistance is the 50-day moving average crossing at 1.1052. First support is today's low crossing at 1.0641. Second support isthe 75% retracement level of the March-January-rally crossing at 1.0586.

The June Canadian Dollar posted an inside day with a higher close on Friday as it consolidated some of the decline off March's high. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, the 50-day moving average crossing at 79.07 is the next downside target. Closes above the 10-day moving average crossing at 79.89 would signal that a short-term low has been posted. First resistance is the 87% retracement level of the 2018-2020-decline crossing at 80.52. Second resistance is the February-2018 high crossing at 82.27. First support is the 50-day moving average crossing at 79.07. Second support is March's low crossing at 78.52. 

The June Japanese Yen closed lower on Friday as it broke out to the downside of this month's trading range and renewed the decline off January's high. The low-range close sets the stage for a steady to lower opening when Monday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, last-March's low on the monthly continuation chart crossing at 0.0900 is the next downside target. Multiple closes above the 20-day moving average crossing at 0.0923 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.0923. Second resistance is March's high crossing at 0.0941. First support is today's low crossing at 0.0911. Second support is last-March's low on the monthly continuation chart crossing at 0.0900.

PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""

June gold closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below last-Thursday's low crossing at $1719.10 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If June renews the rally off March's low, the 50-day moving average crossing at $1786.10 is the next upside target. First resistance is last-Thursday's high crossing at $1754.20. Second resistance is the 50-day moving average crossing at $1786.10. First support is March's low crossing at $16.76.20. Second support is the 62% retracement level of the 2019-2020-rally crossing at $1634.70.  

May silver closed slightly lower on Friday. The low-range close sets the stage for a steady to slightly lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 75% retracement level of the November-February-rally crossing at 24.059 is the next downside target. Closes above the 50-day moving average crossing at 26.408 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 26.408. Second resistance is the February 23^rd high crossing at 28.470. First support is Thursday's low crossing at 24.435. Second support is the 75% retracement level of the November-February-rally crossing at 24.059. 

May copper closed higher on Friday erasing Thursday's loss as it resumed this month's trading range. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends Thursday's decline, the 50-day moving average crossing at 389.62 is the next downside target. If March resumes the rally off March's low, February's high crossing at 437.55 is the next upside target. First resistance is the reaction high crossing at 422.75. Second resistance is February's high crossing at 437.55. First support is the 50-day moving average crossing at 389.62. Second support is the 25% retracement level of the 2020-2021-rally crossing at 381.34.

GRAINS? http://quotes.ino.com/ex?changes/?c=grains "

May Corn closed up $0.06-cents at $5.52 1/2. 

May corn closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $5.43 would signal that a short-term top has been posted while opening the door for a possible test of March's low crossing at $5.29 1/4. If May resumes the rally off March's low, February's high crossing at $5.72 is the next upside target. First resistance is February's high crossing at $5.72. Second resistance is psychological resistance crossing at $6.00. First support is the March 4^th low crossing at $5.29 1/4. Second support is the 25% retracement level of the August-January-rally crossing at $5.14. 

May wheat closed up $0.00 3/4-cents at $6.13 1/4.  

May wheat closed fractionally higher on Friday but remain belowthe 38% retracement level of the June-January-rally crossing at $6.17. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 50% retracement level of the June-January-rally crossing at $5.93 1/2 is the next downside target. Closes above the 50-day moving average crossing at $6.50 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.40 3/4. Second resistance is the 50-day moving average crossing at $6.50 3/4. First support is today's low crossing at $6.08 1/4. Second support is the 50% retracement level of the June-January-rally crossing at $5.93 1/2.        

May Kansas City Wheat closed up $0.01 1/2-cents at $5.68 1/4.

May Kansas City wheat closed higher on Friday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 50% retracement level of the August-March-rally crossing at $5.52 3/4 is the next downside target. Closes above the 20-day moving average crossing at $6.03 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.86. Second resistance is the 20-day moving average crossing at $6.03 1/4. First support is today's low crossing at $5.62 1/2. Second support is the 50% retracement level of the August-March-rally crossing at $5.52 3/4.       

May Minneapolis wheat closed down $0.03 1/2-cents at $6.14. 

May Minneapolis wheat closed lower on Friday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If May extends the decline off February's high, the 50% retracement level of the December-January-rally crossing at $6.06 3/4 is the next downside target. Closes above the 20-day moving average crossing at $6.34 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.34 1/4. Second resistance is the 50-day moving average crossing at $6.37 1/2. First support is today's low crossing at $6.13. Second support is the 50% retracement level of the December-January-rally crossing at $6.06 3/4.     

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "

May soybeans closed down $0.13 1/4-cents at $14.00 1/2.

May soybeans closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $13.93 would signal that a short-term top has been posted. If May extends the rally off last-Thursday's low, March's high crossing at $14.60 is the next upside target. First resistance is March's high crossing at $14.60. Second resistance is psychological resistance crossing at $15.00. First support is the 50-day moving average crossing at $13.93. Second support is the February 11^th low crossing at $13.36 3/4.

May soybean meal closed down $0.60 to $404.00. 

May soybean meal closed lower on Friday as it extends the trading range of the past two-weeks. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $408.40 would signal that a short-term low has been posted. If May extends the decline off January's high, the 50% retracement level of the August-January rally crossing at $376.30 is the next downside target. First resistance is the 20-day moving average crossing at $408.40. Second resistance is the 50-day moving average crossing at $422.00. First support is the 38% retracement level of the August-January rally crossing at $396.90. Second support is the 50% retracement level of the August-January rally crossing at $376.30.       

May soybean oil closed down 250-pts. at 52.48. 

May soybean oil closed limit down for the second day in a row on Friday and below the 20-day moving average crossing at 53.56 signaling that a short-term top has been posted. The limit-down close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If May extends this week's decline, the 25% retracement level of the 2020-2021-rally crossing at 50.35 is the next downside target. If May renews the rally off October's low, the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 59.60 is the next upside target. First resistance is Tuesday's high crossing at 58.25. Second resistance is the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 59.60. First support is the 25% retracement level of the 2020-2021-rally crossing at 50.35. Second support is the 50-day moving average crossing at 48.33.      

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

April hogs closed up $1.13 at $100.80. 

April hogs gapped up and closed higher on Friday as it extends the rally off November's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off November's low, the 75% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $110.53 is the next upside target. Closes below the 10-day moving average crossing at $95.54 would signal that a short-term top has been posted. First resistance is today's high crossing at $101.98. Second resistance is the 75% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $110.53. First support is the 10-day moving average crossing at $95.54. Second support is the 20-day moving average crossing at $91.91. 

April cattle closed up $0.55 at $120.10. 

April cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $120.97 would signal that a short-term low has been posted. If April renews the decline off February's high, the 50% retracement level of the October-February-rally crossing at $117.72 is the next downside target. First resistance is the 50-day moving average crossing at $120.97. Second resistance is February's high crossing at $126.70. First support is last-Friday's low crossing at $118.00. Second support is the 50% retracement level of the October-February-rally crossing at $117.72. 

April Feeder cattle closed up $0.90 at $145.13. 

April Feeder cattle closed higher on Friday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends this week's rally, last-Thursday's high crossing at $145.83 is the next upside target. Closes below below the 20-day moving average crossing at $141.62 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at $145.83. Second resistance is January's high crossing at $147.00. First support is last-Friday's low crossing at $138.43. Second support is March's low crossing at $137.22.           

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

May coffee closed higher due to short covering on Friday as it consolidated some of this week's decline. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this week's decline, the 50% retracement level of the November-February-rally crossing at 12.35 is the next downside target. Closes above the 20-day moving average crossing at 130.88 would signal that a short-term low has been posted.         

May cocoa closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March's high, February's low crossing at 23.69 is the next downside target. Closes above the 20-day moving average crossing at 25.41 would signal that a short-term low has been posted.            

May sugar closed higher on Friday as it consolidated some of the decline off February's high. The mid-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 38% retracement level of the 2020-2021-rally crossing at 14.80. Closes above the 20-day moving average crossing at 15.95 would signal that a short-term low has been posted.      

May cotton closed sharply higher due to short covering on Friday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 50% retracement level of the 2020-2021-rally crossing at 74.20 is the next downside target. Closes above the 20-day moving average crossing at 85.97 would signal that a short-term low has been posted.